Category: August 2016

Click HERE to Read Article From Publisher Aug 30 Mexico's Pemex will seek partnerships with other companies to make its refineries more efficient, the head of the state oil giant said on Tuesday, citing its successful joint venture with Royal Dutch Shell in Texas. Pemex, which is grappling with a complex financial situation, has six refineries in Mexico with a combined capacity to process 1.6 million barrels per day (bpd). But oil production has been declining and reached just 1.08…

Written by: Chris Tomlinson Click HERE to Read Article From Publisher The time has come for the offshore drilling industry to to put its money where its mouth is and fulfill its promise to operate safely. For a decade, the industry has known that the four-foot long bolts used to hold a well together at the bottom of the ocean are breaking unexpectedly. These broken bolts have caused only minor spills so far, but could potentially cause another catastrophe like the 2010…

Click HERE to Read Article From Publisher Aug 30 Some U.S. oil and gas producers in the eastern parts of the Gulf of Mexico have shut production on nine platforms, moved drilling rigs and evacuated non-essential workers as Tropical Depression Nine disrupts operations. Operators who have pulled workers off platforms in the area included BP Plc , Royal Dutch Shell, Anadarko Petroleum Corp., BHP Billiton Ltd and Hess Corp. Transocean said it moved drilling rigs as well. Other companies have…

Written by: Mikael Holter Click HERE to Read Article From Publisher Explorers in 2015 discovered only about a tenth as much oil as they have annually on average since 1960. This year, they’ll probably find even less, spurring new fears about their ability to meet future demand. With oil prices down by more than half since the price collapse two years ago, drillers have cut their exploration budgets to the bone. The result: Just 2.7 billion barrels of new supply was discovered in 2015,…

Written by: Nick Cunningham Click HERE to Read Article From Publisher The collapse of oil prices has ground shale drilling to a halt, but the one region where drilling is still active, and even increasing, is in West Texas. The Permian Basin is one of the last profitable areas to still drill with sub-$50 oil, and as other regions fall by the wayside, an increasing portion of drilling activity and spare investment dollars are flowing into the Permian. The rebound in…

Click HERE to Read Article From Publisher Venezuela and Iran continue to seek consensus on ways to stabilize oil markets and strengthen OPEC, Venezuelan President Nicolas Maduro said on Saturday, following a meeting with Iranian Foreign Minister Mohammad Javad Zarif. "We continue to build common ground and a new consensus on stabilizing oil markets, strengthening industries, strengthening OPEC," Maduro said in a ceremony broadcast on state television. He said Venezuela's oil minister and foreign minister would make announcements in…

Written by Michael Lazarus and Peter Erickson Click HERE to Read Article From Publisher As pressure mounts globally for countries to end fossil fuel subsidies, a reliable assessment of the potential impacts on investment and industry finances will be crucial to guide policy. Many U.S. taxpayers would probably be surprised to learn they subsidize oil and gas production by at least 4 billion USD each year. Indeed, given federal budget concerns, not to mention the urgency of climate change, President…

Click HERE to Read Article From Publisher Iran's oil minister said on Friday that Tehran will cooperate with Organization of the Petroleum Exporting Countries (OPEC) to stabilize the world market, but expects others to respect its rights, the ministry's news agency SHANA quoted him as saying. Asked about an oil output freeze plan, Bijan Namdar Zanganeh also said that Iran supports any effort to bring stability to the market. "Iran will cooperate with OPEC to help the oil market recover, but…

Written by: Jeff Daniels Click HERE to Read Article From Publisher Energy stocks with exposure to Colorado's oil and natural gas extraction business are rallying Monday after word two anti-fracking measures failed to qualify for the ballot. Synergy Resources gained nearly 4 percent on the day, while Bill Barrett Corp. rose more than 4 percent. Also, PDC Energy and Noble Energy climbed 2 percent and about 1.8 percent respectively. In a release issued Monday, the Colorado Secretary of State Wayne Williams…

Written by: Liam Denning Click HERE to Read Article From Publisher If you happen to find a battered, exhausted oil baron slumped in a dark corner (and who doesn't from time to time?), just whisper this one word in their ear to revive them: "Permian." This shale basin, which stretches across northwestern Texas and into a portion of New Mexico, is rapidly becoming a Narnia-like place for the exploration and production sector. There, profits can still be made and growth can…